Boxing or MMA bond cost
The Illinois Department of Financial and Professional Regulation requires that all practicing boxing and MMA promoters post surety bonds in the amount of $5,000 and $10,000. Typically, promoters must post both bonds to obtain or renew their license.
Illinois combat sports promoter bonds are subject to underwriting, and the price an applicant will pay depends on a review of his or her personal credit report.
Why this bond
Illinois boxing and or full-contact martial arts bonds are put in place to ensure the promoter pays all taxes to the state according to regulation. Performance bonds are required to guarantee the promoter’s payment of all obligations and licensing performance.
If the general public or the state suffers financial losses or other harm as a result of the principal’s (promoter’s) actions, the surety bond offers protection up to the penal sum of the bond. Although the surety will initially cover the damages, the principal is ultimately responsible for reimbursing the surety for any damages paid out.
Boxing or MMA bond details
Illinois boxing and full contact martial arts performance bonds are continuous until canceled. The surety’s liability of this bond will be terminated 30 days after written notice of cancellation is received by the Department of Financial and Professional Regulation in Chicago, Illinois.
The bond form must be completed in the individual promoter’s name and must indicate whether the bond is new or a renewal.
Become an MMA or boxing promoter
All applicants must meet the following requirements to obtain a license from the Department of Financial and Professional Regulation. Boxing and martial arts promoters must:
- Be at least 18 years old
- Be of good moral character
- File an application stating the applicant’s legal name, date, place of birth, place of current residence and a sworn statement that he or she is not currently in violation of any federal, state or local laws or rules governing boxing or full-contact martial arts
- File a certificate from a physician licensed to practice medicine in all of its branches which attests that the applicant is physically fit and qualified to participate in professional contests
- Pay the required fee
- And more
Apply for your surety bond
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